Strait of Hormuz Crisis: 13 Carriers Suspend Gulf Bookings as War Risk Surcharges Hit $4,000/TEU

Following coordinated US-Israel airstrikes on Iran on February 28, 2026, the shipping industry has implemented unprecedented operational restrictions in the Persian Gulf. MSC has suspended all booking acceptance in and out of the Middle East, with vessels at sea discharging at next available ports ($800 diversion fee). Maersk imposed Emergency Freight Increases of $1,800-$3,800 for Upper Gulf bookings and suspended reefer/dangerous cargo between India Subcontinent and Upper Gulf. Hapag-Lloyd, CMA CGM, COSCO, and ONE have suspended Upper Gulf bookings (except Jeddah, Oman, Fujairah, Khorfakkan). War Risk Surcharges range from $1,000/TEU (Lubeck Shipping) to $4,000/TEU (CMA CGM for reefers). Only Evergreen maintains normal booking acceptance, though navigation disruptions are expected. Maritime insurers including Gard, Skuld, NorthStandard, and London P&I Club have cancelled war risk cover effective March 5.

The Strait of Hormuz handles 20% of global oil supply and 20% of seaborne LNG. Ship-tracking data shows an 81% collapse in transits versus pre-crisis levels, with 150+ vessels anchoring outside the strait. Insurance premiums have spiked from 0.25% to potentially 1% of vessel value—meaning a $100 million tanker faces $1 million war-risk premiums per voyage versus $200,000 previously. The effective closure (Iran's IRGC claims "complete control") has stranded cargo, with at least 8 vessels damaged and seafarer casualties reported. Container rates from Shanghai to Jebel Ali doubled from $1,800 to $3,700/FEU. Brent crude surged 10-15% to $82-83/barrel with forecasts of $100+. European gas prices jumped from €30 to €60/MWh.

Gulf-dependent supply chains face severe disruption: UAE, Qatar, Kuwait, Bahrain, Iraq, and Saudi Arabia's Dammam/Jubail ports are effectively cut off from container liner services. Shippers with confirmed bookings face case-by-case reviews. Cargo already in transit is being discharged at alternative ports. Chemical, petrochemical, and reefer cargo face the steepest surcharges ($3,500-4,000/TEU). Indian Subcontinent trade to Gulf is halted across most carriers. Energy importers face supply uncertainty—QatarEnergy has halted LNG production after facility strikes. Gulf exporters dependent on oil revenues face revenue disruption. Alternative routing via Cape of Good Hope adds weeks to transit times.

Monitor US Navy escort operations—President Trump announced DFC political risk insurance and potential military escorts for tankers. Track insurance market developments: if P&I cover returns, shipping may resume. Watch Iran-US diplomatic channels for ceasefire signals. Key ports Fujairah, Khorfakkan, and Oman remain open as safe havens—capacity constraints likely. OPEC+ has pledged 206,000 bpd output increases to mitigate supply shortfalls. Supreme Court tariff rulings and broader trade implications may compound supply chain stress. Emirates Shipping and Evergreen's continued operations suggest some carriers may resume if security improves.